Abstract
The aim of this paper is to examine whether evidence for a ripple effect in house prices can be found across residential property markets of Irish cities. The house price dynamics are considered in the frequency domain using spectral analysis. This entails the estimation of power spectra, cospectrum, coherence, gain and phase of ‘region–nation’ relationships. The power spectrum highlights a dominant 6-year cycle, common to all of Ireland's city markets. Eire conforms to neither a city system nor a ripple thesis well. Dublin is a dominant node, whilst Dublin, Galway and Cork lead the national cycle, which is indicative of an olicentric city structure.
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